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The money created out of nothing to buy government bonds, creating the inflation happening now, is being withdrawn and cancelled by increasing interest rates (taxing the interest).
Instead, central banks, who issued the quantitative easing (the new money) could put the bonds on sale at their purchase price to cancel the new money when they sell. They could cancel the interest paid on the bonds, say 2 percent every six months, lowering the sale price of the bonds by the same amount: 2 percent every six months, until they sell. Problem solved, no interest rate rise to combat inflation.

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There's nothing natural or inevitable about the coming bankruptcies and foreclosures. It's wealth transfer and was described from within the 'conservative' faction of Australia's Liberal Party in the late 1980's. It's happening.